Links - 2/18/2021
“We generally believe you can just see anything in markets. I mean, it's just extraordinary what happens in markets over time. It gets sorted out eventually, but we have seen companies sell for tens of billion dollars that are worthless. And at times, we have seen things sell for...literally 20 percent or 25 percent of what they were worth. So we have seen and will continue to see everything. It’s just the nature of markets. They produce wild, wild things over time. And the trick is, occasionally, to take advantage of one of those wild things and not to get carried away when other wild things happen because the wild things create their own truth for a while.” —Warren Buffett (2000)
A video presentation on the business and investment merits of Medallion Financial Corp. ($MFIN) [free registration required] (LINK)
Cutting Dividends to Create Value - by Chris Mayer (LINK)
Bruce Berkowitz: From Morningstar Manager of the Decade to 15 Years of Underperformance (LINK)
Lindsell Train UK Equity Fund January Report [H/T @mastersinvest] (LINK)
The Case for Default Insurance (LINK)
Founder’s Field Guide Podcast: Carlos Brito – Creating an Ownership Culture (LINK)
Acquired Podcast: The New York Times Company (LINK)
Freakonomics Radio (podcast): 452. Jeff Immelt Knows He Let You Down (LINK)
Odd Lots Podcast: A Value Manager on How Most Value Managers Are Getting It All Wrong (LINK)
A few book recommendations from Morgan Housel (LINK)
UK Coronavirus Variant Is Doubling Every 10 Days in The US (LINK)
Perseverance lands on Mars today! Here's what you need to know (LINK)
“I think if you have very unreasonable expectations of life, it makes life much more miserable. Much better to get your expectations within reason. It’s much easier to reduce expectations to some reasonable level than it is to get superhuman achievements.” —Charlie Munger